https://www.theverge.com/2018/7/11/17559520/google-alphabet-loon-wing-independent-companies-internet-drones-balloons

Alphabet has announced that Loon and Wing — two of its X moonshot projects — are “graduating” today to become full companies underneath the Alphabet corporate umbrella. The two companies will be classified as “Other Bets” within Alphabet, alongside former X projects like Waymo, Chronicle, and Verily.

While the official designation of the companies has changed, their work remains largely the same. Loon will continue to work on using balloons to bring internet to people around the world, and Wing will keep building delivery drones. Neither company had updates on those projects to go along with the announcement, but obviously Alphabet is happy with the pace of the work, given the promotions within.